<p>“What is institutional aid? I haven’t heard the term before. You’re saying that it’s not need-based, and it’s not merit? Or not the kind of merit that’s publicized?”</p>
<p>Institutional aid is what it’s called at schools that are need based only. Institutional aid is based on an assessment by the school of a student’s financial need. It is not based on merit as the institutions which give this type of aid believe all students they accept are meritorious. It is also not loans or federal $$$. </p>
<p>Some school give a combination of institutional aid and merit aid, some give a combination of institutional aid, merit aid and loans. Some give merit aid and meet the rest of a student need with only loans.</p>